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Home My WebLink About1491 ~ S , ' ~ , S. Th.+t ht aill p~~rmit, cumm~t, or su([c•r no wasle, imp.~irment, or detetluration o( satd pro~erty ur uny p:,rt therruf; .+nd in the ev~•nt o( th~• fu~lum ~~f the mortg:,gor to keep the buildings un s~id prrmises and those tobr c•r~•cted un said ptem~.e~, or imptucc•mi•nts thereon. ~n gaxl rept~i~, the mortgagc•e m:~y make such ~epairs <is in it~ disrret~on N may derm necessary fot thN propet pres-rr~~ation theceu(, and the full amounl of ~ach :~nd every such p<~ym~•nt shall be immcdiately dur und p:~y~uble, and shaU be se~uted by the lien o( ihis mortg~gc. 'fhat he will p:~p all and singular the cc~ts, rhurges, and exExnses, including teason,~ble lawyer's [ees, .~nd cost~ u( abst~ac•t~ a( title, incurred ur paid at any time bythe mortgagec: .because of the (ailure on the part uf thc• murtKugur promptl~• and fully to perfu~m the agreements ~nd covenants of said promissory note and this mott- ~ ga~;e. :~nd ti~+id custs, ch.+r~;rs, a~d rxpenses shall be immed~ately due and p:+yable and shall be seruted by the lien of thi~ mortKa~e. 7. That he Mill keep the impro~~cments noH existing ur herea(tet erected on the mortgaged propert~~, insured as may be required from time Io time b~• the mort~a~ee against los~ b~~ fire and other hazatds, casualties, and contin- gencies in ~uch .imounts :~nd for such periods ~s ma~• be requ~red by mortgagee, and will pay promptly, when due. an~• premtums un such insurunce for pa~~ment of which provis~on has not been made hereinbetore. All insurance sh~U be carried companie~ approved by morlgagee and the policies and renewals thereat shall be held dy mort- Ka~;ee and ha~•e attacht~d therrto toss pa~•~ble clauses in favor o( and in form acceptable to the mortgugce. In e~•ent of lu~s he will ~~~•r immediate• notice by ma~l to mortgagee, and mortgaKee may make proof of loss ~f nut m~+de promptly b~• mortg~gor, and each insurance company conrerned is hereby authorized and direct~d to make µ~~•ment for such lass directl~• to moctga~ee inslead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or an}• part thereot, may be applied by mortgagee at its option either to the reduction o( the ~ndebtedness hereby secuced ur tu the restoration or repair oE the property damaged. ln event of (oreclosure o( this mortgage or other trans(er ot titte to the mortgaged property in extin~uishment ut the indebtedr.ess secured herehy, all r~ght, t~tle, and interest of the mortgagor in and to any insurance policies then in [orce shall pass lo the purchaser or ~rantec•. ~ 8. That the mortgagee may, at any time pending a suit upon this mo~tgage, apply to the court having jurisdic- • tion thereof [or the a ointment o[ a receiver, and such court shaU torthwith a oint a receiver of the ~ pp pp premises cuvered herebp all and singular, includi~g ail and singular the income, profits, issues, and revenues from whatever i ~ource derived, each and every of which, it being expressly undetstood, is hereby mortgaged as iE specifieally set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and ' effect~~•e functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequdcp oE the value ot the property mortgaged or to the solvency o~ insolvency of said mortgagot ur the defendents, and that surh rents, profits, income, issues, and revenues shall be applied by such teaejy~r .eccording to the lien of this mortgage and the practice of such court. In the event of any default on the part of the mort~agor hereunder, the mortg~gor agrees to pay to the mortgagee on demand as a reasonable monlhly rentat'for the premises an amount at least equivalent to one-twelfth (1:~12) of the aggregate of the twelve monthlyinstall- ments pa}~able in the then current year plus the actual amount of the ar_nual taxes, assessments, watet tates, and ~nsurance premiums for such year not covered by the a[oresaid monthly payments. 9. That i in the event of any breach oi this mortgage or default on the part of the mortgagor, or /b/ in the e~•ent that an~• oE said sums of money herein referred to be not promptly and fully paid without demand or notice, ur ~ in the event that each and e~~ery the stipulations, agreements, conditions. and covenants of said note and this mortgage, are not dul}•, promptly, and fully performed; then in either or any such event, the said aggregate j sum mentioned ~n sa~d note then remaining unpaid, vrith interest accrued to that time, and all moneys secured ; ~ hereb~~, shall become due and payable forthwith, or therea(ter, at the option of said mortgagee, as fully and com- { ' pletel)• as if all o[ the said sums of mone~~ were originally stipulated to be paid on such day, anVthing in said t ~ ~ note or in this mortRage to the contrary notwithstanding; and thereupon or therea(ter, at the option of said matga- ; gee, w•ithout notice or demand, suit at law or ~n equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may [oreclose this mortgage, as to the amount so declared due and ~ pat•abfe, and the said premises shall be sold to satisty and pay the same together with costs, expenses,and allow- ~ ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount af the debt not then due and unpaid. In such case the provisions of ~ th~s paragraph ma~• again be avai(ed of therea(ter from time to time by the mortgagee. ~ 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or 5 change of ownership oE the premises. 5 11. That no Wai~~er oE any covenant herein or of the obligation secured hereby shall at any time thereafter be F held to be a K•ai~•er of the terms hereof or of the note secured hereby. ~ 12. That if the mortgagor default in any of the covenants or agreements contained here~n, or in said note, ihen the mortgagee may perform the same, and all expenditu~es (including reasonable attorney's Eees) made by the s ~ moctgagee in ~o doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs acciuing ~ thereo~, shall be secured b~~ th~s mortgage. ~ 13. that the mailing oi a written notice or demandaddressed to the owner oE record of the mortgaged premises, Y ur d~rected to the said owner at the last address actually furnished to the mortgagee, or directed to saidownerat sa~d mortgaged pcemises, and mailed by the United States mails, shall be sufticient notice and demand in any ~ case aristng under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible _ ~ !or insurance under the National Nousing Act within ~~YS from the date hereof (written statement - - of an~• oEficer of the Department of Nousing and Urban evelopment or authocized agent of the Secretary of Hous- - ~ng and Lrban Development dated subsequent . to ihe ~ ppYS time from the date of this ~nortgage, ; declining to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the mortga- - ' gee or the holder of the note may, at ~ts option, declare all sums secured hereby immediately due and payeble. . The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective _y he~rs, executors, administrators, successors, and assigns of the parties hereto. ~4'henever used, the singular num- ~ ber shall include the plurai, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ ;:~i ~ ~ iy eoo~ 191 1489 ~a ~ - - s " v_, . . . . - - -